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Lease Agreement - 2024-03-21 to 2025-03-20 - 7542 S Colfax Ave Apt 3, Chicago, IL 60649 - 7542 and 7656 S Colfax Ave, Chicago, IL 60649.pdf

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DocuSign Envelope ID: 3783E571-DF8D-4DF3-8CF4-4D6F4C0143B1 This is a legally binding Contract; if not understood seek advice from an attorney. SINGLE FAMILY RESIDENCE OR CONDOMINIUM LEASE 1. PARTIES: The parties to this Lease are the owner of the Property, Landlord: Lofty Holding 7542 & 7656 S. Colfax Ave, LLC; and Tenant(s): . 2. PROPERTY: Landlord leases to Tenant the following real property: Address: 7542 S Colfax Ave Apt 3 Chicago (Cook County) IL 60649-6478 The following additional items of

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DocuSign Envelope ID: 3783E571-DF8D-4DF3-8CF4-4D6F4C0143B1

This is a legally binding Contract; if not understood seek advice from an attorney.
SINGLE FAMILY RESIDENCE OR CONDOMINIUM LEASE
1.

PARTIES: The parties to this Lease are the owner of the Property, Landlord: Lofty Holding 7542 & 7656
S. Colfax Ave, LLC; and Tenant(s):
.

2.

PROPERTY: Landlord leases to Tenant the following real property:
Address: 7542 S Colfax Ave Apt 3 Chicago (Cook County) IL 60649-6478
The following additional items of non-real-property items are included: N/A The real property and
the non-real-property are collectively called the “Property.”

3.

TERM:
A.

Primary Term:

The primary term of this Lease begins and ends as follows:

Commencement Date: March 21, 2024 Expiration Date: March 20, 2025
B.

4.

Delay of Occupancy: Tenant must occupy the Property within five days after the Commencement
Date. If Tenant is unable to occupy the Property by the fifth day after the Commencement Date
because of construction on the Property or a prior tenant’s holding over of the Property, Tenant
may terminate this Lease by giving written notice to Landlord before the Property becomes
available to be occupied by Tenant as Tenant’s sole remedy, and Landlord will refund to Tenant
the security deposit and all rent paid. If Tenant does not terminate this Lease, then Landlord will
abate rent on a daily basis for a delay caused by construction or a prior tenant’s holding over.
This paragraph does not apply to any delay in occupancy caused by cleaning, repairs, makeready items, or any matters other than construction or holdover by a prior tenant.

AUTOMATIC RENEWAL AND NOTICE OF TERMINATION:
A. If the Tenant wishes to terminate this Lease at the end of the Term, Tenant must give the Landlord written
notice ninety (90) days before the Expiration Date. This notice must be in writing and must be sent by
certified mail or personally delivered to Landlord at the address specified in Paragraph 32. AN ORAL
NOTICE IS NOT SUFFICIENT.
B. If Tenant does not provide written notice as detailed in Paragraph 4(A), This Lease automatically is
automatically renewed on a month-to-month basis.
C. If this Lease automatically renews on a month-to-month basis, it will continue to renew on a month-tomonth basis until either party provides written notice of termination to the other party and the notice of
termination will be effective on the date designated in the notice but not sooner than sixty (60) days after
the notice is given and, if necessary, rent will be prorated on a daily basis.

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D. Oral notice of termination is not sufficient under any circumstances. Time is of the essence for all
obligations of Tenant in this Lease, including providing notice of termination. Strict compliance with dates
by which notice must be provided is required.
E. Landlord’s notice of termination requirements shall be based on the length of tenancy detailed in the base
Lease. For leases of 0-6 months, Landlord shall provide its notice of termination a minimum of 30 days
prior to the termination date. For Leases between 6 months and 3 years Landlord shall provide its notice
of termination a minimum of sixty (60) days prior to the termination date. For leases of three years or
more, Landlord shall provide its notice of termination a minimum of one hundred twenty (120) days prior
to the termination date.
5.

RENT:
A.

Prorated Rent: On or before April 1, 2024 Tenant will pay Landlord $ 447.00 as prorated rent
from the Commencement Date through the last day of the month in which this Lease begins.

B.

Monthly Rent: Tenant shall pay Landlord monthly rent for each full month during the term of
this Lease. The first full month’s rent shall be due and payable no later than March 21, 2024.
Thereafter, Tenant shall pay monthly rent on or before the first day of each month throughout
the term of this Lease in accordance with the following rental installments:
Month March 21, 2024 to Month March 20, 2025 Monthly Rent due in the amount of
$1260.00
Month
to Month
Monthly Rent due in the amount of $
Month
to Month
Monthly Rent due in the amount of $
Weekends, holidays, and mail delays shall not excuse Tenant’s obligation to timely
pay rent to ensure Landlord receives rent on or before the first day of each month.

C.

Lease Administrative Fee(s): Tenant(s) shall pay administrative fee(s) for the following:
(1) A Tenant administrative fee in the amount of $150.00 at the time of execution of this
Lease.
(2) A lease renewal fee in the amount of $50.00 prior to the Commencement Date of the
renewal lease.
(3) A lease processing fee in the amount of $100.00 for all requested lease modifications.
(4) For tenant’s not receiving any form of rental subsidy, a monthly fee of $100.00 should
this lease renew on a month-to-month basis, not including any applicable rental rate
increase.

D.

HVAC Filter Maintenance Program and Fee: For any lease where the payment of heat is
NOT included in the Lease, Tenant agrees to pay an HVAC Filter Maintenance Program Fee
of $10.00 per month (“HVAC Program Fee”) as more particularity set forth in paragraph 17
(G). HVAC Program Fee shall be billed and due from Tenant on the 1st of each month as part
of the monthly payment.

E. Method and Place of Payment:
(1) Tenant will remit all amounts due Landlord under this lease (“Payments”) to the
Landlord’s broker, HomeRiver Group.
(2) HomeRiver Group provides an electronic portal (“Portal”) which Tenant must use to remit
all Payments. Access to the Portal will be provided to Tenant prior to execution of this
lease.
(3) If Tenant is unable to make Payments to the Portal for any reason, Payments must be
made by check, money order or cashier’s check payable to HomeRiver Group and

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